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EIGHTEENTH ANNUAL REPORT 



OF THE 



DIRECTORS 



OF THE 



Central Vermont Railway Co. 



FOB THE 



11 . 

Fiscal Year Ending December 31, 1917. 

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RAILWAY 



AND 

(ONNECTIONS. 



EIGHTEENTH ANNUAL REPORT 



OF THE 



DIRECTORS 



OF THE 



Central Vermont Railway Co. 



FOR THE 



Fiscal Year Ending December 31, 1917. 



MIDDLEBURY COLLEGE LIBRARY 



3 



DIRECTORS. 

Howard G. Kelley, Chairman , 

E. C. Smith, President , - 

VV. H. BlGGAR, K. C., Vice President, 

E. J. Chamberlin, - 
E. A. Chittenden, - 

G. C. Jones, - 

S. E. Kilner, ------ 

Wm. Molson MacPherson, - 

H. S. Marston, - - - - 

Chas. P. Smith, - 

J. Gregory Smith, - - . - 

A. Tuttle, ------ 

W. Seward Webb, - - - - 



OFFICERS. 

Howard G. Kelley, Chairman of Board , 

E. C. Smith, President , - 

W. H. Biggar, K. C., Vice President, 

J. E. Dalrymple, Vice President, 

Frank Scott, Vice President, - - - - 

J. W. Wardlaw, Ass’ t to Pres’t & Pur. Agt., 

E. Deschenes, Auditor, - 

W. H. Chaffee, Treasurer and Clerk, - 

J. W. Redmond, Counsel, - 

C. F. Black, Attorney, - 

N. W. Hawkes, General Freight Agent, - 

J. W. Hanley, General Passenger Agent, 

M. Magiff, Sup’t Telegraph and Car Service , 
J. E. Maun, Superintendent, - 
E. J. Guthrie, Superintendent, - 

G. W. Groom, Assistant Superintendent, - 
W. Gillespie, Mechanical Superintendent, - 

J. Duguid, Ass’t Mechanical Superintendent, - 
J. IE Morrison, Engr. & Sup’t Structures, - 
P. D. F itzpatrick, Val. Engr. & Gen. Rdmstr. 
S. S. Russell, Claims Agent, - - - 

H. M. Dewart, Asst. Pur. Agent, - - 



Montreal, Que. 
St. Albans, Vt. 
Montreal, Que. 
Montreal, Que. 
St. Albans, Vt. 
St. Albans, Vt. 
New York City. 
Montreal, Que. 
New York City. 
Burlington, Vt. 
St. Albans, Vt. 
Fair Haven, Vt. 
Shelburne, Vt. 



Montreal, Que. 
St. Albans, Vt. 
Montreal, Que. 
Montreal, Que. 
Montreal, Que. 
St. Albans, Vt. 
St. Albans, Vt. 
St. Albans, Vt. 

Newport, Vt. 
St. Albans, Vt. 
St. Albans, Vt. 
St. Albans, Vt. 
St. Albans, Vt. 
St. Albans, Vt. 
New London, Conn. 
St. Albans, Vt. 
St. Albans, Vt. 
St. Albans, Vt. 
St. Albans, Vt. 
St. Albans, Vt. 
St. Albans, Vt. 
St. Albans. Vt. 



4 



LINES OPERATED BY THE 

CENTRAL VERMONT RAILWAY CO. 



SOUTHERN DIVISION. 

1st DISTRICT: 

New London to White River Junction, - - - 135.0 miles. 

Montville to Palmertown, ------ 2.5 “ 

2nd DISTRICT: 

Brattleboro to South Londonderry, - - - 36.0 miles. 

NORTHERN DIVISION. 

3rd DISTRICT: 

W T hite River Junction to St. Albans, - 
Bethel to Quarries, ------ 

Montpelier Junction to Williamstown, 

Essex Junction to Burlington, - - 

Essex Junction to Cambridge Junction, 

4th DISTRICT: 

St. Albans to St. Johns, - - 
Fonda Junction to Rouses Point, 

St. Albans to Richford, - - 

5th DISTRICT: 

Stanstead, Shefford & Chambly Jet. to Waterloo, 40. 8 miles. 
St. Lambert to Frelighsburg, ------ 50.0 “ 

Marieville to St. Cesaire, ------- 8 6 “ 



43.0 miles. 

17.7 “ 

28.0 “ 



- 120.5 miles. 

- 5-4 “ 

- 14-9 “ 

8.0 “ 

- 26.0 “ 



Total, 



536.4 miles. 



5 



CENTRAL VERMONT RAILWAY CO. 

EIGHTEENTH ANNUAL REPORT 

FOR THE 

Fiscal Year Ending December 31, 1917. 

St. Albans, Vt., September 15th, 191S. 

To the Shareholders oj the 

Central Vermont Railway Company. 

The Board of Directors submit the following report of 
business and operation of the Company for the year ending 
December 31, 1917. 

Gross Receipts, -------- $4,816,577.55 

Operating Expenses, ----- 4,022,047.46 

Balance, $ 794>53°-°9 

Taxes, ---------- 207,009.15 

$ 587,520.94 

Net debit from rentals, etc., ----- 73,066.04 

$ 5I4454-90 

Hire of equipment: 

Credit balance, ------- 11,712.69 

$ 526,167.59 

Interest on securities held by the Company, - - 50,386.61 

$ 576,554-20 

Fixed charges, - - $ 731.283.34 

Net Result, - $ *154,729.14 

* Deficit. 



6 



TRAIN MILEAGE. 



Freight, - 
Passenger, - 

Mixed, 

Special, 


Year Ending 
Dec. 31, 1917. 

861,219 

1,074,207 

88,914 

2,171 


Year Ending 
Dec. 31, 1916. 

1,045,674 

1,117,924 

95.129 

2,941 


Year Ending 
June 30, 1917. 

893,696 

1,161,474 

90,076 

2,432 


Total Revenue Miles, 
Non Revenue, 


2,026,511 

44.153 


2,261,668 

32,439 


2,147,678 

40,457 


Total, ... 


2,070,664 


2,294,107 


2,188,135 



CAR MILEAGE. 

Passenger - 4,888,464 Decrease over 1916, 88,277 

Freight, ... 22,246,918 Decrease over 1916, 5,828,477 

The percentage of expenses to earnings was 83.50 per cent., 
as compared with 75.20 per cent, in the preceding year, an 
increase of 8.30 per cent. 



TRAFFIC. 

The number of tons carried one mile was 267,482,693, a 
decrease of 59.308,745; the earnings per freight train mile were 
$3.49, an increase of 43 cents, and the earnings per ton per mile 
1.20 cents, an increase of 0.19 cent. 

The number of passengers carried one mile, 41, 165, 036, shows 
a decrease of 1,691,179; the earnings per passenger train mile 
$ I - 2 7 i increase of nine cents, and the earnings per passenger 
per mile 2.60 cents, an increase of 0.12 cent. 



7 



MAINTEANCE OF WAY AND STRUCTURES. 



On the First District 4.5 miles of new 80 pound Open 
Hearth rail have been laid between Evarts, Vermont and White 
River Junction, Vermont, and 8.1 miles have been laid with re- 
laying 80 pound rail, replacing lighter weight rail. 

On the Third District 26.4 miles new 80 pound Open Hearth 
rail have been laid as follows, — 15.3 miles between White River 
Junction, Vermont, and South Royalton, Vermont, 4.7 miles 
between Essex Junction, Vermont and Burlington, Vermont, 
and 1.9 miles between Oakland, Vermont and Georgia, Vermont; 
7.3 miles re-laying 80 pound rail have been laid relieving lighter 
weight rail. 

Industrial tracks to extent of 8132 feet have been construct- 
ed, and 4635 feet additional yard tracks have been built. 

Three grade crossings at Montpelier, Vermont, have been 
eliminated by an overpass, and new highway and a grade cross- 
ing in Town of Willington, Connecticut, has been discontinued. 

A new' building has been constructed at St. Albans, Vermont, 
foi accommodation of Immigration Department of United States 
Government, and for a part of our Audit Department Staff. 

A new' combination freight and passenger station w'as 
erected at Riverton, Vermont to replace structuie destroyed 
by fire. 

A 3000 ton capacity ice house was built at St. Albans, 
Vermont to store sufficient ice to meet the increased require- 
ment. 

New modem 150 ton, dead-rail, track scales have been 
installed at Palmer, Mass., Brattleboro, Vt., and White River 
Junction, Vt. 

New steel bridges have been erected as follow's : — 



N °. 75V 
No. 86, 



Three Rivers, Mass. 

Montague, Mass. 

No. 88, Millers Falls, Mass. 

No. 94, Gill, Mass. 

No. 8, Milton, Vt. 

Bridge No. 21, Williamstown, Vt. 
structure, was rebuilt w'ith steel and 
'Aggregating 309 feet in length, have been renew r ed. 
Sixteen other bridges received extensive repairs. 



24 feet long 
22 feet long 

24 feet long 

25 feet long 
105 feet long 

28 feet long, a trestle 
seven trestle bridges, 



8 



MAINTENANCE OF EQUIPMENT. 

MOTIVE POWER DEPARTMENT. 

During past eighteen months there were purchased and put 
in service one ten-wheel superheated passenger engine ol our 
218 type, and six consolidation superheated freight engines of 
modern design — these engines weighing 192,000 pounds on 
drivers and having a tractive power of 49,500 pounds, have 
given extremely satisfactory service, both as to their hauling 
capacity and as to economical operation. 

In continuing the work indicated last year, three more 
compound consolidation engines of the “400” class have been 
converted to simply superheated engines with highly satisfactory 
results. 

Ninety locomotives have received heavy repairs and two 
hundred and two light repairs. 

The benefits derived from the improved condition of our 
motive power have been clearly demonstrated. The past 
winter is reputed to have been the worst in history and not- 
withstanding the severe strain on the locomotives during that 
season, we have been enabled to handle the heaviest business 
on record this spring without delay. 

CAR DEPARTMENT. 

During the period covered by this report two new steel 
mail cars were purchased. In St. Albans Shops six steel under- 
frame milk cars, eleven box cars and two snow plows were 
constructed. 167 freight cars had steel draft equipment applied 
and metal roofs were placed on 219 cars. 

Pursuant to resolution of this Board adopted September 10, 
1917, the date of the Annual Alee ting was changed to second 
Tuesday of April, in each year. This change was made necessary 
by action of the Interstate Commerce Commission, in establish- 
ing the fiscal year on railroads to end December 31. Accordingly 
no annual meeting of the Company was held during 19171 anc ^ 
the report herewith submitted covers the period of eighteen 
months ending December 31, 1917. In that month the Govern- 
ment took over the operation of the railroads by proclamation 
of the President, and your Company has been under Govern- 
ment direction since that time. Although a tentative operating 



9 



contract has been submitted, nothing definite has been agreed 
upon. When the time arrives it will be necessary to act, and 
a resolution will be submitted to this meeting giving the Board 
authority in the premises, and appointing such officer as you 
may designate to negotiate and execute the contract on behalf of 
this Company. 

Under the terms of the proclamation the Government takes 
over “each and every system of transportation, and the appur- 
tenances thereof located wholly or in part within the boundaries 
of the continental United States”. Whether it is the purpose 
of the Government to include the roads owned and operated by 
this Company in Canada is yet to be determined. 

During the year 1917 application was made to the Central 
Vermont Transportation Company, a subsidiary of your Com- 
pany, for the sale by the Transportation Company of the steam- 
ers “Manhattan” and “Narragansett”, which were originally 
built to run between Providence and New York. Negotiations 
following this application were terminated when on January 
1 , 1918 the Shipping Board of the United States Government 
commandeered the boats for the use of the Government. Hear- 
ings have been had before the Shipping Board to determine the 
compensation therefor, but no conclusion has been reached. 
Claim was made by the Company that it should be allowed the 
original purchase price, plus the cost to date, amounting for 
both boats to $1,638,252.08. It is expected that a definite 
order in the premises will be made in the near future. There was 
outstanding against the boats at the time they were comman- 
deered, a first mortgage obligation of $450,000. 

The report of operation of the Company for the year ending 
December 31, 1917, shows a deficit of $154,729.14 after paying 
fixed charges. This is due to increased cost of labor, coal and 
material. The increase in the items of either wages or coal alone 
would more than account for the deficit. 

It will be interesting in this connection to study the sub- 
joined statement showing a comparison of operating data for 
the years 1914, 1915, 1916 and 1917, from which it appears that 
while the total revenue for the past two years was substantially 
the same the engine miles decreased 250,000 miles; the loaded 
car miles decreased 5,073,133 miles, and the empty car miles 
decreased 1,285,939 miles, showing the efficiency of the road 



10 



has been maintained and increased, and that under normal 
conditions the property would have shown an exceedingly hand- 
some profit. 



1914 1915 



Tons one mile. . 314,478,436 292,446,458 

Tons per train 

mile 226.91 250.58 

Tons per loaded 

car mile 14. 44 14.05 

Engine miles ... 3 ,242 ,225 2 ,919 ,557 

Freight earnings 2 ,981 ,316. 28 2 ,898 ,881 . 44 

Passenger earn- 
ings 1,072,912.07 1,008,427.42 

Total earnings. 4,372,765.42 4,260,598.53 
Car miles-load- 
ed... 21,771,268 20,814,804 

Car miles-emp- 

ty 8 ,664 ,276 8 ,293 ,951 



1916 1917 

326 ,791 ,438 267 ,482 ,693 

277-3° 278.33 

H 64 15.51 

2 ,970 ,898 2 ,720 ,960 

3,290,654.75 3,214,417.38 

1,063,403.53 1,069,747.79 
4,811 ,329 64 4,816,577.55 

22,324,264 17,251,131 

7,512,920 6,226,981 



It is a pleasure to report that the officers and employes of 
this Company, individually and collectively, have rendered 
patriotic and untiring effoit toward the success of the Company. 

The usual statements, accounts and statistics covering the 
business of the eighteen months prior to January 1, 1918, are 
appended hereto. 



E. C. SMITH, 
President. 



11 



INCOME ACCOUNT. 



OPERATING INCOME: 



Railway operating revenues, 
Railway operating expenses. 


$ 4 , 816 , 577-55 
4,022,047.46 




Net revenue from railway operations, 
Railway tax accruals, - - - 

Uncollectible railway revenues, - 


$ 

207,009.15 

1,792.46 


794,530.09 

208,801.61 


Total operating income, - - - 


- 


585,728.48 


NON-OPERATING INCOME: 






Hire of freight cars — Credit ba’ance, - 
Rent from locomotives, - 

Rent from passenger-train cars, - 
Rent from work equipment, 

Joint facility rent income, - 
Miscellaneous rent income, - 
Income from funded securities, - 
Income from unfunded securities and ac- 
counts, ------ 

Miscellaneous income, - 


19,817.50 

10.405.52 
58,036.09 

764.40 

32,378.27 

6,617.69 

3,000.00 

21.722.52 
1,001.75 




Total non-operating income, 


- 


153 , 743-74 


Gross income, - 


$ 


739 , 472-22 


DEDUCTIONS FROM GROSS INCOME: 






Rent for locomotives, - 
Rent for passenger-train cars, 

Rent for work equipment, - 
Joint facility rents, - - - - 

Rent for leased roads, - 
Miscellaneous rents, - 
Interest on funded debt, - 

Interest on unfunded debt, - 


1,444.11 

75,863.76 

2.95 

3,085.98 

216,552.49 

27,881.89 

468,919.24 

100,450.94 




Total deductions from gross income, 


$ 


894,201.36 


Net deficit, - - - - 


$ 


154,729.14 



PROFIT AND LOSS ACCOUNT. 



Surplus December 31st, 1916, -------$ 475 > 958 - 7 2 

Depreciation on equipment, retired during the year, from 

'late of purchase to June 30, 1907, debit, - - - 3 ,° 37-99 

Miscellaneous adjustment, debit, ----- 42,125.08 



Net credit, - -- -- -- -- 43 °, 795-65 

Less deficit in income account for the year, - I 54 . 7 2 9- I 4 



Net surplus at December 31st, 1917, - $ 276,066,51 



12 



BALANCE SHEET. 



INVESTMENTS: 

Investment in road and 
equipment, 

Improvements on leased 
railway property, 

Investments in affiliated 
companies : 

Stocks, - 
Advances, - 

Other Investments: 
Bonds, - 

Total investments, 

CURRENT ASSETS: 

Cash, - - - - 

Special deposits, - 
Traffic and car-service 
balances receivable, - 
Net balance receivable 
from agents and con- 
ductors, - - - 

Miscellaneous accounts 
receivable, - - - 

Material and supplies, - 
Interest and dividends 
receivable, - - - 

Other current assets, - 

Total current assets, 

DEFERRED ASSETS: 
Working fund advances, 
Other deferred assets, - 

Total deferred assets, 

UNADJUSTED DEBITS: 
Rents and insurance 
premiums paid in 
advance, - 
Other unadjusted debits, 
Securities issued or 
assumed— U npledged , 
Securities issued or 
assumed — Pledged, - 
Total unadjusted 
debits, - 



Assets. 

$17,010,442.13 

250,805.70 $17,261,247.83 



4.973,9i5-92 

3, 2 99,855-22 8,273,771.14 

75,000.00 



255,435-81 

12,947.00 

60,516.61 

156,344.03 

381,522.30 

692,618.79 

8,723-25 

96,270.64 



9,661.81 

25 , 998.36 



7.C53-5I 

106,799.91 

42,000.00 

1,226,000.00 



$25,610,018.97 



1,664,378.43 



35,660.17 



1,381,853-42 



$28,691,910.99 



13 



DECEMBER 31 , 


1917 . 




Liabilities. 

STOCK: 

Authorized 30,000 shares of $100 each, - 


$ 3,000,000.00 




Issued, ------- 

Script, ------- 


2,984,600.00 

15,400.00 


$ 3,000,000.00 
12,544,631.96 


LONG-TERM DEBT: 

Funded debt unmatured, 1 st. Mortgage 
4% Bonds, ------ 

Collateral trust bonds, - 

Equipment trust notes, - - 

Non negotiable debt to affiliated com- 
panies. ------- 

Total long-term debt, 


12,000,000.00 

35,000.00 

441,000.00 

68,631.96 


CURRENT LIABILITIES: 

Loans and bills payable, - 
Traffic and car-service balances payable, 
Audited accounts and wages payable, - 
Miscellaneous accounts payable, 

Interest matured unpaid, - - - - 

Unmatured interest accrued, - 
Unmatured rents accrued, - 

Other current liabilities, - 
Total current liabilities. 


8,633,936.77 

243,240.08 

2,748,886.37 

I , 9 ° 8 - 3 I 

21,723.44 

93.41147 

83-32 

131,592.39 


11,874,782.15 




DEFERRED LIABILITIES: 

Other deferred liabilities, - 

Total deferred liabilities, 


229,784.93 


229,784.93 


UNADJUSTED CREDITS: 

Tax liabilities, ------ 

Accrued depreciation — Road, - - - 

Accrued depreciation — Equipment, 
Other unadjusted credits, - 
Total unadjusted credits, 

Profit and loss Balance, 


88,046.45 

38,572-47 

620,646.62 

19 , 379 - 9 ° 


766,645.44 

276,066.51 



CONTINGENT LIABILITIES. 

In respect of Principal of and Interest on 
$200,000.00 par value First Mortgage 4% 
Bonds of the Montreal and Province Line 
Railway Company, and $537,000.00 par 
value Central Vermont Transportation Com- 
pany 5% Steamship Gold Bonds, both issues 
being guaranteed by the Central Vermont 
Railway Company. 



$28,691,910.99 



14 



COMPARATIVE STATEMENT OF EARNINGS, EXPENDITURE 
AND RESULT OF OPERATION. 





Year Ending 


Year Ending 
Dec. 31 , 1916 . 


Year Ending 
June 30 . 1917 . 


REVENUE: 




Freight, - : - - 


$3,214,417.38 


$3,290,654.75 


$3,126,196.48 


Passenger, - 


1,069,747.79 


1,063,403.53 


1,095,944.92 


Mail and Express, - 

Other revenue from trans- 


219,640.87 


186,929.31 


216,920.25 


portation, - - - - 


172,31934 


131,513.86 


160,144.66 


Revenue from operations 








other than transportation, 


128,294.67 


127,144.89 


114,477.48 


Dining and buffet service, 


12,157.50 


11,683.30 


12,156.28 


Total revenue, 


$4,816,577.55 


$4,811,329.64 


$4,725,840.07 


EXPENSES: 








Maintenance of way and 








Structures, - 


$ 530,426.85 


$ 587,287.74 


$ 579,487-30 


Maintenance of equipment, 


753,640.25 


627,402.97 


661,370.56 


Traffic, - 


104,397-58 


110,963.07 


107,960.54 


Transportation, - 


2,470,231.78 


2,146,072.91 


2,209,023.87 


Miscellaneous operations, 


29,818.13 


29,014.39 


27,286.07 


General, - 

Transportation for invest- 


134,648.71 


117,191.10 


126,284.07 


ment — Cr., - - - - 


1,115.84 






Total operating expenses, 


$4,022,047.46 


$3,617,932.18 


$3,711,412.41 


Balance, - - - - - 


$ 794,530.09 


$1,193,39746 


$1,014,427.66 


Net Dr. from rentals, etc. 


73,066.04 


33,622.41 


61,146.98 


Balance, - 


$ 721,464.05 


$ I > I 59 > 775-°5 


$ 953,280.68 


Taxes, ------ 


207,009.15 


192,749.62 


I 85 , 775-88 


Balance, - 


$ 514,454-90 


$ 967,025.43 


$ 767,504.80 


Hire of equipment balance, 


11,712.69 


*72,850.71 


*419.74 


Balance, - 


$ 526,167.59 


$ 894,174.72 


$ 767,085.06 


EXTRA RECEIPTS: 








Interest on securities held by 








the Company, etc,, - - - 


$ 50,386.61 


$ 43,720.03 


$ 43 , 7 i 9-96 


Total, - - - . 


$ 576,554.20 


$ 937 , 894-75 


$ 810,805.02 


Fixed charges, - 


731,283.34 


731,099.18 


727,591.69 


Net result, ----- 


$ 1154,729-14 


$ 206,795.57 


$ 83.213.33 



Debit. ' f Deficit. 



15 



MAINTENANCE OF WAY AND STRUCTURES. 



Superintendence — B. & B. Dept., - 
Superintendence — Road Department, - 
Roadway maintenance, - 
Roadway — Depreciation, - 
Bridges, trestles and culverts, 

Bridges, trestles and culverts — De- 
preciation, ------- 

Ties, - -- -- -- - 

Ties — Depreciation, - 

Rails, - - - - - 

Rails — Depreciation, - 

Other track material, - 

Othler track material — Depreciation, 

Ballast, - 

Ballast — Depreciation, - 

Track laying and surfacing, 

Right of way fences, - 
Right of way fences — Depreciation, 
Snow and sand fences and snow sheds, 
Crossings and signs, - - - - - 

Crossings and signs — Depreciation, - 
Station and office buildings, - 
Station and office buildings — Deprecia- 
tion, -------- 

Roadway buildings, - - - - - 

Roadway buildings — Depreciation, 
Water stations, ------ 

Water stations — Depreciation, - - - 

Fuel stations, ------ 

Shops and enginehouses, - - - - 

Shops and enginehouses— Deprecia- 
tion, - ------ 

Wharves and docks, - - - - - 

Wharves and docks — Depreciation, 

Coal and ore wharves, - 
Telegraph and telephone lines, 
Telegraph and telephone lines — 

Depreciation, ------ 

Signals and interlockers, - 
Signals and interlockers — Depreciation, 
Roadway machines, - - - - - 

Roadway machines — Depreciation, 
Small tools and supplies, - - - - 

Removing snow, ice and sand, - - - 

Amount carried forward, - 



Year Ending 
Dec. 31, 1917. 


Year Ending 
Dec. 31, 1916. 


Year Ending 
June 30, 1917. 


$11,838.85 


$11,260.40 


$11,295.14 


10,869.31 


10,961.57 


10,884.65 


43460.38 


41,120.85 


39,361.22 


321.99 


338.69 


339-14 


40,455.02 


40,018.64 


37,250.00 


73578 


468.72 


651.82 


83-328.55 


91,305-u 


94 , 352.73 


5047 


24.86 


33 - 6 i 


*38,879.25 


46,711.01 


15,392 46 


2,063.31 


1,687.13 


1,870.73 


35,857-88 


43,098.41 


44,863.67 


805.46 


764.60 


799.22 


*10.00 


66.71 


*39.46 


5,849.62 


5,849-57 


6,043.61 


196,272.44 


171,347-98 


181,528.66 


7,641.87 


12,36443 


9 , 9 i 7-56 


69.91 


84.78 


86.62 


1,467.58 


250.72 


942.96 


5-307-15 


205.86 


6,004.38 


207.47 


156.16 


I 83-59 


35,756.20 


29,069.15 


41,127.10 


2,269.11 


322.83 


419.48 


U 594-37 


2,633.01 


2,203.46 


11.72 


17.06 


15.21 


3-247.80 


3,621.50 


3 , 609-51 


70.06 


67.84 


70.07 


2,152.24 


2,277.63 


2,363 95 


12,415.80 


9438-37 


9 , 941 -H 


36.28 


14.99 


24-34 


2 ,i 4 i -73 


3,034-72 


2 , 453-67 


102.93 


95-74 


102.90 


1,028.12 


1,038.72 


908.17 


10,129.63 


7407-56 


6 , 999-89 


120.43 


120.44 


120.44 


1,505.81 


1,949.81 


2405.33 


74-33 


74-35 


74-35 


1,417.61 


1,129.34 


1442.24 


88.57 


18.48 


55-51 


6,855.51 


7,656-83 


6,91844 


59,724.03 


30,093.70 


54 , 951-35 


$548,456.07 


$577,868.33 


$ 597 , 368.83 



Credit. 



16 



MAINTENANCE OF WAY AND STRUCTURES.— (Cont’d) 





Year Ending 
Dec. 31, 1917. 


Year Ending 
Dec. 31, 1916. 


Year Ending 
June 30, 1917 


Amount brought forward, - 


- $548,456.07 


$577,868.33 


$597,368.83 


Assessments for public improvements, 


2.00 






Injuries to persons — B. & B. Dept., 


854.06 


860.02 


805.80 


Injuries to persons — Road Dept., 


2,640.67 


10,590.24 


1,182.09 


Insurance, ------ 


3,014.56 


3,347-53 


2,956.48 


Stationery and printing — B.&B.Depc., 


490.32 


597-43 


589-15 


Stationery and printing — Road Dept., 


308.81 


281.20 


329.42 


Other Expenses, ----- 


131-36 


25.00 


25.00 


Maintaining joint tracks, yards, and 








other facilities — Dr., - 


2,361.46 


3,588.22 


2,935-04 


Maintaining joint tracks, yards, and 








other facilities — Cr., - 


- 27,832.46 


9,870.23 


26,704.51 


Total, - - - - 


- $530,426.85 


$587,287.74 


$579-487-30 



MAINTENANCE OF EQUIPMENT. 



Superintendence — M. P. Dept., 
Superintendence — Car Dept., 

Shop machinery — M. P. Dept., 

Shop machinery — Car Dept., - 
Steam locomotives — Repairs, - 
Steam locomotives — Depreciation, - 
Freight- train cars — Repairs, - 

Freight-train cars — Depreciation, 
Freight-train cars — Retirements, 
Passenger-train cars — Repairs, - 
Passenger-train cars — Depreciation, 
Passenger-train cars — Retirements, - 
Work equipment — Repairs, - 

Work equipment — Depreciation, 

Work equipment — Retirements, 
Miscellaneous equipment — Depreciation, 
Injuries to persons — M. P. Dept., 

Injuries to persons — Car Dept., 

Insurance — M. P. Dept., - 

Insurance — Car Dept., - - - - 

Stationery and printing — M. P. Dept., 
Stationery and printing — Car Dept., 
Other expenses, 

Maintaining joint equipment at termi- 
nal, — Cr. 



Year Ending 
Dec. 31, 1917. 

$13,446.72 

10,853.10 

8,167.76 

1.415-99 

372,001.08 

24.748.14 
176,646.36 

36.994.14 
11,535-58 

64,400.27 

11,099.43 

2.946.02 

4,525-57 

2.252.11 

1.267.12 
*1,092.65 

1,491.81 

718.77 

697.20 

7,134-91 

1,515-89 

1.195.02 
57.82 

377-93 



$753,640.25 



Year Ending 
Dec. 31, 1916. 

$10,857.00 

9,401.46 

13,068.03 

1.459.18 

277,710.08 

22,433-17 

146,199.78 

37,356.81 

9,627.49 

66.702.89 

10,929.46 

U705-37 

U454-82 

2,381.11 

2,024.07 

54I-67 

1,118.93 

559-88 

703.66 

8.862.18 
1,396-85 

909.08 



$627,402.97 



Year Ending 
June 30, 1917. 

$12,523.08 

10,952.20 

11,256.48 

1,169.86 

320,532.23 

23,992.04 

133,870-36 

37,237.00 

10,416.55 

61,966.28 

10,988.07 

4,651-39 

2,177.04 

2,189.69 

3,031-40 

615.18 

U 355-45 
664.62 
776.40 
8,333-67 

1,381.51 

1,232.24 

57-82 



$661,370.56 



♦Credit. 



Total, 



17 



TRANSPORTATION EXPENSES. 



Superintendence, - 

Dispatching trains, - 

Station employees, - 

Weighing, inspection, and demurrag 

bureaus, 

Coal and ore wharves, 

Station supplies and expenses, - 
Yardmasters and yard clerks, 

Yard conductors and brakemen, - 
Yard switch and signal tenders, 

Yard enginemen, ----- 

Fuel for yard locomotives, - 
Water for yard locomotives, - 
Lubricants for yard locomotives, 
Other supplies for yard locomotives, 
Enginehouse expenses — Yard, - 
Yard supplies and expenses, 
Operating joint yards and terminals 
Operating joint yards and terminals — 
Train enginemen, - 
Fuel for train locomotives, - 
Water for train locomotives, - 
Lubricants for train locomotives. 
Other supplies for train locomotives, 
Enginehouse expenses — Train, - 
Trainmen, ------ 

Train supplies and expenses, 

Signal and interlocker operation, 
Crossing protection, - 
Drawbridge operation, - 
Telegraph and telephone operation, - 
Stationery and printing, 

Other expenses, - - - 

Operating joint tracks and facilities — 
Operating joint tracks and facilities 
Insurance, ------ 

Clearing wrecks, - 
Damage to property, - - 

Damage to live stock on right of way, 
Loss and damage — Freight, 

Loss and damage — Baggage, 

Injuries to persons, - 





Year Ending 
Dec. 31, 1917. 


Year Ending 
Dec. 31, 1916. 


Year Ending 
June 30, 1917. 


- 


$ 50,967-33 


$ 39,953-64 


$ 42,786.73 


- 


17,105-53 


14,272.89 


17,013.40 


- 


563,786.41 


542,231.52 


531,887.01 


e 


87.63 


66.51 


76.34 


- 


2,952.88 


5,127.83 


3,985-05 


- 


66,951.14 


45,008.38 


52,475.63 


- 


22,003.24 


19,778.38 


19,724-57 


- 


68,920.16 


56,034.60 


58,180.69 


- 


8,457-85 


8,588.91 


8,253-71 


- 


51,401.40 


41,391-32 


42,422.13 


- 


160,063.30 


90,378.72 


110,736.75 


- 


2,302.39 


1,914.20 


2,177.10 


- 


1,320.94 


859-71 


1,035.98 


- 


1 , 533-03 


969-95 


1,242.22 


- 


21,474.25 


16,889.36 


17,069.26 


- 


1,044.04 


1,364.88 


1,156.75 


Dr. 


14,942.77 


19,136.23 


17,605.05 


-Cr. 


37 , 476-55 


20,695.78 


26,628.41 


- 


215,764.22 


213,740.76 


217,036.96 


- 


670,438.83 


490,718.85 


539,250.94 


- 


17 , 715-37 


17,728.26 


18,955.16 


- 


5 , 390-71 


4,580.08 


5,088.87 


- 


6,221.36 


5,228.97 


6,185.63 


- 


100,890.54 


81,461.59 


85,219.98 


- 


240,259.15 


224,979.98 


235,854-09 


- 


82,322.44 


81,433-19 


87,181.43 


- 


3 , 895-96 


3,607.66 


4,058.88 


- 


8,830.17 


7,026.33 


7,892.79 


- 


3 , 875-77 


3,328.09 


3,752.27 


- 


2,192.51 


4,432.80 


1,906.60 


- 


25 , 443-90 


24,366.69 


24,383.82 


- 


958-58 


2,499.06 


1,900.85 


Dr. 


5 , 404-59 


8,223.83 


5,566.15 


Cr.. 


3,286.57 


2,077.50 


2,675-79 


- 


1,802.03 


1,617.12 


1,916.27 


- 


9,706.07 


4,933-38 


7,483-55 


- 


6,743.08 


6,027.68 


5,569-76 


- 


1,800.32 


1,433-63 


1,412.63 


- 


28,306.52 


35,865.59 


31,273.95 


- 


485 -I 3 


243-97 


399-58 


- 


i 7 , 233-36 


41,401.65 


18,209.54 



Total, - 



$2,470,231.78 $2,146,072.91 $2,209,023.87 



18 



TRAFFIC EXPENSES. 





Year Ending 
Dec. 31 , 1917 . 


Year Ending 
Dec. 31 , 1916 . 


Superintendence — Freight, - - - 


- $13,801.70 


$11,195.78 


Superintendence — Passenger, 


8,841.57 


8,742.96 


Outside agencies — Freight, - 


- 10,936.08 


16,484.83 


Outside agencies — Passenger, - 


- 22,138.50 


24,537.01 


Advertising, ------ 


7,983-54 


10,962.14 


Traffic associations — Freight, - 


1,656.72 


649.16 


Traffic associations — Passenger, 


666.66 


562.86 


Fast Freight Lines, - 


26,203.02 


28,295.40 


Insurance — Freight, - 


18.60 


4.66 


Insurance — Passenger, - 


2.15 


2.27 


Stationery and printing — Freight, - 


9,600.70 


6,619.95 


Stationery and printing— Passenger, 


2,500.18 


2,780.25 


Other expenses, ----- 


48.16 


125.80 


Total - - - - 


- $104,397.58 


$110,963.07 



MISCELLANEOUS OPERATIONS. 





Year Ending 


Year Ending 




Dec. 31, 1917. 


Dec. 31, 1916. 


Dining and buffet service, - 


- $12,300.27 


$ 11 , 555-34 


Other miscellaneous operations, 


- - 17,5x7.86 


I 7>459-°5 


Total, - 


- - $ 29,818.13 


$ 29,014.39 



GENERAL EXPENSES. 





Year Ending 
Dec. 31, 1917. 


Year Ending 
Dec. 31, 1916. 


Salaries and expenses of general officers, 


$ 24,038.59 


$ 21,090.46 


Salaries and expenses of clerks and 






attendants, ----- 


- 54-841-92 


51,680.45 


General office supplies and expenses, 


3,002.82 


2,672.09 


Law expenses, ----- 


18,024.65 


15-590.90 


Insurance, ------ 


385-85 


428.09 


Pensions, ------ 


1,664.50 


1,387.89 


Stationery and printing, 


8,610.25 


7,761.13 


Valuation expenses, - - - - 


22,031.00 


13-951-30 


Other expenses, ----- 


2,049.13 


2,628.79 


Total, - 


-$ 134,648.71 


$117,191.10 



Year Ending 
June 30, 1917. 

$12,459.81 

8,898.37 

13,624.43 

24,187.45 

8,761.13 

1,479.16 

558-99 

27,931.26 

3.60 

•35 

7,257.62 

2,713-56 

84.81 



$107,960.54 



Year Ending 
June 30, 1917. 

$ 11,866.14 

15,419-93 



$ 27,286.07 



Year Ending 
June 30, 1917. 

$ 21,760.63 

53,5 I2 -75 

2,173.62 

15,706.98 

357-96 

1,622.38 

8,832.48 

20,785.57 

L53I-70 



$126,284.07 



Total 



19 



COMPARATIVE STATEMENT OF FREIGHT AND PASSENGER TRAIN 
EARNINGS PER TON AND PER PASSENGER MILE. 



FREIGHT. 



Revenue train miles, 

Freight earnings, - 
Earnings per freight train mile, 
Tons carried, - 
Tons carried one mile, - 
Earnings per ton per mile, 



Year Ending 
Dec. 31, 1917. 

920,496 

$3,214,417.38 

349 

4-333.773 

267,482,693 
$ .0120 



Year Ending 
Dec. 31, 1916. 

1.074,555 
$3,290,654.75 
3.06 
4,405,440 
326,791,438 
$ .0101 



Year Ending 
June 30, 1917. 

948,412 
$3,126,196.48 
3-30 
4,253,201 
281,635,054 
$ .0111 



PASSENGER. 



Year Ending 
Dec. 31, 1917 



Revenue train miles, - 1,104,990 

Passenger earnings, - $1,406,723.21 

Earnings per passenger train mile, $ 1.27 

Passengers carried , - 1,514,528 

Passengers carried one mile, - 41,165,036 

Earnings per passenger per mile, $ .0260 



Year Ending 
Dec. 31, 1916. 

1,132,014 

$1,343,880.06 

$ 1. 18 

1,555,153 

42,856,215 
$ .0248 



Year Ending 
June 30, 1917. 

1,190,126 

$1,426,437.65 

1.20 

1,594,383 

44,595,493 

$ .0246 



Earnings from Express and Mails are included in Passenger train earnings. 
Earnings per passenger mile do not include Express and Mail earnings. 



20 



MILES OF TRACK. 



OWNED SOLELY BY THE COMPANY. 



MAIN TRACK: 

St. Johns to Windsor, - 
Essex Junction to Burlington, 
Rouses Point to Fonda Jet., 

SECOND MAIN TRACK: 

Fonda Junction to St. Albans, 



*177.5 miles. 

8.0 “ 



17.7 



U 

203.2 miles. 



6.2 miles. 



BRANCH LINES: 

S. S. & C. Junction to Waterloo, 
St. Lambert to Frelighsburg, 
Marieville to St. Cesaire, 
Montpelier Jet. to Williamstown, 
Essex Junction to Cambridge Jet., 
St. Albans to Richford, 

Bethel to Quarries, - 

Yard tracks, sidings and spur tracks, 



|.o.8 miles. 



;o.o “ 
8.6 “ 
4-9 “ 



5-4 



a 

173.7 miles. 

1 19.7 miles. 



LEASED LINES. 

MAIN TRACK: 

Brattleboro to New London, - 121.0 miles. 

Montville to Palmertown, - - 2.5 “ 

(New London Northern R. R.) — - — 123.5 miles. 



BRANCH LINES: 

Brattleboro to South Londonderry, - - 36.0 miles. 

(West River Railroad) 

Yard tracks, sidings and spur tracks, - - 51.0 miles. 



Total Miles Track, 713.3 

*6.2 miles double track. 



21 



TONNAGE OF ARTICLES CARRIED. 





Year Ending 
Dec. 31, 1917. 


Year Ending 
Dec. 31, 1916. 


COMMODITY: 


Per 

Cent. 


Tons 


Per 

Cent. 


Tons 


Products of Agriculture. — 


15.079 




18.481 




Grain 

Flour 

Other mill products .... 

Hay 

Other products of agriculture . 


04 . 800 
01 .662 
04.772 
01.831 
02.014 


208,032 

72,002 

206,812 

79.372 

87,265 


06.499 
02.380 
05-3 6 6 
01.589 
02 . 647 


286,319 

104,839 

236,408 

69,997 

116,614 


Products of Animals. — 


05.099 




06.055 




Live stock 

Packing house products 

Hides and leather 

Other products of animals 


00 . 670 
02 . O3O 
OO . 501 

01 .898 


29,047 

87,964 

21,712 

82,276 


00.599 
02 . 753 
00.777 
01 .926 


26,406 

121,289 

34,216 

84.832 


Products of Mines. — 


33.185 




29.962 




Anthracite coal 

Bituminous coal 

Granite 

Other products of mines 


10. Ill 
12.977 
02.916 
07.181 


438,173 

562,394 

126,355 

311,227 


06.079 

14.165 

02.975 

06.743 


267,822 

624,048 

131,059 

297,061 


Products of Forests. — 


13 410 




11.230 




Lumber 

Fuel wood 

Pulp wood 

Other products of forests 


08 . 808 
00 . 780 
00.936 
02.886 


381,726 

33,789 

40,562 

125,070 


08. 914 
00 . 656 
00.779 
00 . 881 


392,698 

28,891 

34,331 

38,793 


Manufactures. — 


24.372 




25.777 




Petroleum and other oils 

Brick, lime and cement .... 

Wood pulp 

Other manufactured products . 


01 .048 
02.434 
06 . 404 
14 486 


45,426 

105477 

277,522 

627,803 


00.870 
02 . 656 
06 . 005 
16.246 


38,334 
1 17,016 

264,554 

715,699 


Merchandise. — 


06 835 


296,237 


06.718 


295,945 


Miscellaneous. — 


02 . 020 


87,530 


01.777 


78,269 


Total 


100.000 


4,333,773 


I 00 . 000 


4,405,440 



ENGINE MILEAGE. 





Year Ending 
Dec. 31, 1917. 


Year Ending 
Dec. 31. 1916. 


Year Ending 
June 30, 1917 


Freight, 

Passenger, 

Mixed, - - - - 


886,919 

1,091,473 

88,914 


1,112,307 

1,129,160 

95,129 


931,786 

1,178,704 

90,076 


Special, - 

Switching, - - - 


2,171 

607,330 


2,941 

595,790 


2,432 

589,720 


Total revenue miles, 


2,676,807 


2,935,327 


2,792,718 


Non revenue, - 


44,153 


32,439 


40,457 


Total, - 


2,720,960 


2,967,766 


2,833,175 



CAR MILEAGE. 



Passenger, 

Freight, 



Year Ending 
Dec. 31, 1917. 

4,888,464 

22,246,9x8 



Year Ending 
Dec. 31, 1916. 

4-976,741 

28,075,395 



Year Ending 
June 30, 1917. 

5,121,604 

24,094,669 



33,052,136 29,216,273 



Total. 



27J35.382 



23 



EQUIPMENT. 



LOCOMOTIVES. 



CLASS 


On Hand 
July I, 
1916 


Sold 


De- 
stroyed 
or taken 
down 


Pur- 

chased 


Changed 


On Hand 
Dec. 31, 
1917 


or 

Built 


From 


To 


Passenger 


32 


I 




I 


I 




3 1 


Freight . 


63 






7 




I 


71 


Switching 


5 












5 


Total 


100 


I 




8 


I 


I 


107 



PASSENGER CARS. 



CLASS 


On Hand 
July 1, Sold 
1916 


De- 


Pur- 


Changed 


On Hand 
Dec. 31. 
1917 


or taken 
down 


or 

Built 


From 


To 


Coach 


59 


1 




1 coach 
1 coach 


iCons 
1 wreck 


56 


Cafe-Parlor 


2 










2 


Parlor . . 


2 










2 


Dining 


I 










I 


Comb'n Pass’rl 
and Baggage / 


12 






1 Bag. 


1 wreck 


1 1 


Baggage, Mail\ 
and Express/ 


31 




2 


iMail 1 Bag 
iM&B iCons. 
2M&B2wreck 


30 


Milk 


2 




6 


I Milk 


I Cons 


7 


Total 


109 


I 


8 


8 


8 


109 



24 



FREIGHT AND WORK CARS. 





On Hand 




De- 
stroyed 
or taken 
down 


Pur- 


Changed 

1 


On Hand 


CLASS 


July i, 
1916 


Sold 


or 

Built 


From 


To 


Dec. 31, 
1917 


FREIGHT. 
















Box 


2089 




23 


3 






2069 


Refrigerator 


14 












14 


Stock 


8 












8 


Coal 


210 




4 




2 coal 


2 cons. 


204 


Flat 


632 




66 




2 flat 


2 cons. 


564 


Caboose 


43 




4 


2 






41 


WORK. 
















Cinder . 


17 




2 


I 


I Bag. 


I wreck 


16 


Wreck . 


18 








2 M.&B. 
I Coach 


2 wreck 
I_wrcck 


22 


Snowplow 


8 




3 


2 


1 M.&B. 

2 coal 


1 cons. 

2 cons. 


7 


Construction 


91 




2 


I 


2 flat 
I milk 
I coach 


2 cons. 
I cons. 
I cons. 


97 


Scraper . 


15 




1 








14 


Official and Pay 


1 












1 


Store 


1 












1 


Total 


3147 




105 


9 


15 


15 


3058 



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